A Close Look At The Latest Solana Trend Of The Meme Coin WIF

The frenzy of the bull cycle has started, everything feels possible, after what felt like a very long (crypto) winter. Capital is surging in the space, and with it come the feelings of joy, relief, hope and play. Each of the latest bull cycles were met with their own silly trends and meme coins. This one is no exception.

The Meme Coin WIF

Madness has its own distinct aesthetic. In the crypto degenerate world of today, it goes by Solana powered meme coins, which are no other than simple financial instruments attached to memes deployed on the Solana network. Scams and pump and dump schemes for some, generational wealth, lightness and community for others, the unconventional nature of the success of meme coins is polarizing the broader crypto community.

The hottest trend of this early cycle is $WIF, from the Dogwifhat meme that became first popular amongst e-sport personalities on twitter in late 2019. This meme depicts a Shiba Inu dog facing the camera wearing a yarn knitted dust pink hat.

Three years later, the WIF token is launched alongside a similarly nonsensical website, where any form of utility to the token is explicitly denied: “i mean bro, it’s literally just a dog wif a hat”. Trough some sort of magic that only these forms of performance have the secret to, the public came to sublimate the absurd by creating a whole cult following and culture around this coin, giving it value.

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Nobody seems to wonder whether the token is perceived by regulators as being a commodity, a security or a form of payment. Moreover, it is unclear what rights were attached to the original image. One could speculate that the ethereal nature of the performance raises it above these common legal considerations; art could not care any less.

Dogwifhat In The Top 100 Cryptocurrencies

Hats off to WIF for its market cap goes through the roof. At the time of publication, on March 19, 2024, the market cap of WIF is about $2.5 billion, which ranks it 51 on the list of the top coins by market capitalization on Coingecko.

From its launch in mid-December 2023 to the end of February 2024, the price of WIF steadily increased to about $0.4. It is in March 2024 that the coin sky rocketed, culminating at an all-time high of $3.47 on March 15, 2024. Since then, WIF price suffered a 28% correction to sit at $2.48.

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Those willing venture in this extremely volatile asset should do so at their own informed risk, as not everyone is well equipped and resilient enough to experience the speculative and unregulated nature of it safely and productively. You do not want to end up going cap in hand in a dog-eat-dog world.

Dogwifhat NFT Sold On Ethereum

A NFT of this meme was sold on March 18 for 1210 ETH, approximately $4.3 million. The proceeds went to the foster parents of Achi, the Shiba Inu whose picture became dogwifhat. The auction took place on the NFT platform Foundation using the Ethereum chain, to the disappointment of Solana maximalists.

Meme coins are onboarding many new users to the chain Solana while benefitting to and from its related cryptocurrency SOL. Compared to Ethereum’s substantial transaction fees, Solana’s low costs are welcoming to those who want to fool around, gambling with meme coins. To each chain, its own.

The Sphere Is Round

At this point, the dog can’t be put back in the bag as demonstrated by the fundraiser that met its target of $650,000 on March 13 to showcase Dogwifhat on the Sphere, the newest hype attraction in Vegas.

Floki, Bonk, Shiba Inu, Doge and now Dogwifhat, all belong to the realm of crypto’s obsession with human’s best friends. Dog, backwards reads as god, and as such, one is not meant to think purely rationally about this WIF phenomenon, which displays all signs of a common hallucination. Belonging greatly to the realm of affect, it is only through experiencing the madness of it that one can understand the meta value of meme coins. Isn’t money post gold standard also a common hallucination? Should this be the case, not only FIAT money does not hold the monopoly on that form of psychosis, but it may as well show us the way.

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